CMP profits slide in soft ad market

Published on October 23, 1998.

Tech publisher CMP Media, Manhasset, N.Y., citing a soft U.S. technology ad market, said third quarter earnings fell to $743,000 from a pro forma $3.8 million in the year ago quarter despite record revenue for the period of $117.5 million. "The softening of the U.S. technology advertising market has affected CMP's sales and profits for the third quarter," CMP President-CEO Michael S. Leeds said in a statement. "While we are continuing to invest prudently, we are also continuing to pare back our cost structure in a manner which, if current market conditions persist, should enable us to improve profitability relative to the availability of business in the marketplace."